KKR, CPPIB, Stone Point into Maritime
KKR has created a finance company to supply credit to maritime borrowers, including offshore oilfield services and traditional shipping companies, as the buyout group seeks to build a presence in maritime finance. Maritime Finance will initially be capitalized with $580 million of equity, over 45% of which has been provided by KKR, including through its balance sheet, KKR Financial Holdings LLC (NYSE: KFN) and MerchCap Solutions ("MCS"), KKR's recently established mid-market focused merchant banking venture with CPPIB and Stone Point Capital. The balance of the capital was arranged by MCS and included participation from various family offices, mutual funds, hedge funds and specialist financial services investors. Proceeds will be used by the Company to fund its establishment and operation, provide capital for newly originated maritime financings and potentially acquire a seed portfolio of outstanding loans.